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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Blue Owl Capital
Blue Owl Capital (OWL) investor relations material
Blue Owl Capital Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary29 Oct, 2026
Executive summary
AUM reached $329.9B, up 12% YoY, with $192.2B of FPAUM; permanent capital represented 85% of LTM FRE management fees.
LTM FRE grew 15% and DE 14%; nearly $49B was raised and more than $20B returned to investors over the last 12 months.
Q3 was a record institutional fundraising quarter; institutional and insurance investors supplied ~70% of LTM equity capital raised, while private wealth fundraising remained below the prior year.
Financial highlights
Q3 FRE was $427.5M, up 14% YoY, and DE was $385.5M, up 13%; FRE per Adjusted Share was $0.27 and DE per Adjusted Share was $0.24.
Q3 GAAP revenue was $806.5M, up 11% YoY; net income attributable to Class A shares was $20.0M, or $0.03 per diluted share.
LTM FRE was $1.63B, up 15%, and DE was $1.41B, up 14%; nine-month FRE was $1.213B and DE was $1.029B.
Q3 commitments reached $12.6B, including $10.2B of equity capital; LTM commitments totaled $48.8B.
FRE revenue rose 10% to $752.6M and FRE expenses rose 5% to $310.0M; FRE management fees were $690.0M, up 5% YoY.
Outlook and guidance
FY26 outlook remains above $1.02 FRE/share and $0.89 DE/share; Q4 DE is expected to exceed the $0.23/share dividend again.
$36.3B of AUM was not yet paying fees, representing ~$402M of expected annual FRE management fees once deployed or applicable fee holidays expire.
Management expects 2027 management fee growth to exceed 2026, with accelerating revenue, FRE/share and DE/share growth and modest FRE margin expansion; dividend over-earning is expected through 2027 and beyond.
Q4 transaction fees are expected near Q1-Q2 levels, with improvement across capital markets, transaction and structuring fees in 2027; total stock-based compensation is expected to be lower in 2027 than 2026.
Management expected available liquidity and cash generated from management fees to cover anticipated working capital needs for at least 12 months; the deployment pipeline exceeded $140B across net lease and digital infrastructure.
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Latest events from Blue Owl Capital
- AUM reached $165.7B as FY FRE and DE each rose 25%.OWL
Q4 2023 - Rapid AUM growth, strong credit and real assets performance, and AI-driven data center demand fuel expansion.OWLBarclays 24th Annual Global Financial Services Conference
- $319B AUM, 30%+ earnings CAGR, and market leadership in alternatives drive durable growth.OWLInvestor presentation
- AUM hit $319B, up 12% year-over-year, with strong earnings and a $0.23 dividend declared.OWLQ2 2026
- Directors elected, auditor ratified, and no stockholder questions raised during the meeting.OWLAGM 2026
- Execution, margin growth, and scaling digital infrastructure and alternative credit drive 2026 outlook.OWLGoldman Sachs U.S. Financial Services Conference
- Scale, diversification, and disciplined credit drive resilient outperformance in evolving private markets.OWLCitizens Financial Services Conference 2025
- AUM hit $235B, with strong earnings, major acquisitions, and robust fundraising momentum.OWLQ3 2024
- AUM to exceed $500B by 2029, targeting 20%+ annual growth via innovation and scale.OWLInvestor Day 2025
Next Blue Owl Capital earnings date
Q4 20264 Feb, 2027
Blue Owl Capital
Next Blue Owl Capital earnings date
Q4 20264 Feb, 2027
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Frequently asked questions
Blue Owl Capital Inc is an alternative asset management firm providing capital solutions to asset managers and private businesses. It specializes in direct lending, GP capital solutions, and real estate investments. The company is headquartered in New York, New York, and its shares are listed on the NYSE.